Sonoma State University

Department of Economics

Econ 205 (Section 001): Introduction to Microeconomics, Fall 2021

Course Syllabus

 

Contact and Location Data:

 

Instructor: Professor Ángel M. Casas-Gragea

Email: casasgra@sonoma.edu

Class Time: MW 10:00 – 11:50 am (via Zoom)

Office Hours: MW 12:00 pm - 12:30 pm (via Zoom)

 

• If you would like to arrange a private appointment with me, the best way to do so is via e-mail.

 

NOTE:  THE BEST WAY TO REACH ME IS VIA E-MAIL! 

I normally respond to emails within 48 hours. Before reaching out to me, however, please make sure that the answer to your question is not already on Canvas (Tentative Class Schedule, Syllabus, Announcements, or on the Class Dashboard). If you e-mail me the evening before class, don’t expect to have an answer before class the next day, unless you have an emergency and we have an important class deadline.

 

Course Description:

 

This course aims to introduce the basic principles that determine the behavior of individual consumers and firms in the United States economy as they respond to changing economic conditions. Topics include demand, supply, pricing, production, cost, competition, and industrial structure.

 

Office Hours:

 

You are welcome to ask for an individual Zoom meeting during office hours to go over questions or discuss any aspect of the course at any time. If you feel that you are struggling, it is best to see me earlier than later in the term, as there is more time to take corrective action. 

 

Classroom Courtesy:

 

Please make an effort to minimize classroom disruptions. These include arriving late or logging off early, turning your camera off for extended periods of time, and/or being visibly distracted while on camera, using the chat unnecessarily, etc. We won’t take a break, but I will ordinarily end the class at 9:40 am, so please make an effort to stay engaged until this time. You may use a calculator, but using a cell phone as a calculator is not allowed. Student conduct info: http://web.sonoma.edu/studentaffairs/judicial.html

 

Required Course Materials:

 

Microeconomics by McConnell, Brue and Flynn (McGraw-Hill, 22nd ed.)

 

Connect Economics [If you buy a new textbook for the course in the bookstore, it will come with a student license (called “Access Code”).  You may also choose to purchase a student license separately from the publisher’s website]

 

Important Dates:

 

Day Class Begins	Wednesday, August 18, 2021
Day Class Ends	Wednesday, December 1, 2021
Mid-Term Exam	Wednesday, October 6, 2021
Final Exam	Monday, December 6, 2021

 

Student Learning Outcomes:

1. Demonstrate mastery of the principles essential for understanding the economizing problem, specific economic issues and policy alternatives.
2. Apply the microeconomic perspective and principles to analyze and explain society’s economic issues.
3. Show an understanding and lasting interest in economics and the economy.

Objectives:

 

Upon completion of this course, students will be able to:

1. Differentiate between economic systems and explain the market system.
2. Identify, define and apply the main economic concepts and principles.
3. Identify, define, and apply basic concepts and vocabulary of economics (demand, supply, market equilibrium, market failures, Government’s role)
4. Understand the concept of Elasticity to extend the understanding of markets.
5. See how individual consumers allocate their incomes among the various goods and services available to them.
6. Analyze product demand, product prices, and revenue, and explain how firms compare revenues and costs in determining how much to produce. Also show those comparisons relate to economic efficiency.
7. Identify and understand the models of imperfect competition.
8. Study the demand for economic resources and the labor supply, and analyze wage rates and the prices of other proactive resources.
9. Study the different ways in which governments raise and expend money.

 

Topics and Scope:

PART ONE: Introduction to Economics and the Economy

1. The Market System and the Circular Flow

PART TWO: Price, Quantity, and Efficiency

2. Demand, Supply, and Market Equilibrium
3. Additional Examples of Supply and Demand
4. Government’s Role and Government Failure

PART THREE: Consumer Behavior

5. Elasticity
6. Utility Maximization

PART FOUR: Microeconomics of Product Markets

7. Businesses and the Costs of Production
8. Pure Competition in the Short Run
9. Pure Competition in the Long Term
10. Pure Monopoly
11. Monopolistic Competition
12. Oligopoly and Strategic Behavior

PART FIVE: Microeconomics of Resource Markets and Government

13. Technology, R&D, and Efficiency
14. The Demand for Resources
15. Wage Determination
16. Rent, Interest, and Profit
17. Natural Resource and Energy Economics
18. Public Finance: Expenditures and Taxes

 

Grading:

 

If you want to earn high marks in – or even pass – this class, you will have to dedicate a significant amount of time and effort actively engaged in learning and understanding the material.  A good rule of thumb is two hours outside of class for each hour in class.  If you are not spending that kind of time on this course, then you should probably reevaluate your study habits.  It is not sufficient to simply show up every day.  You have to take an active interest in understanding the ideas that we will cover in class. This is especially true for Zoom instruction.

Final course grades are based on the following components: Mid-Term Exam, Final Exam, Assignments, Attendance and Participation, as well as a Class Research Project (includes a presentation). Final course grades use the following scale: 90 = A, 87 = A-, 85 = B+, 80 = B, 77 = B-, 75 = C+, 70 = C, 67 = C-, 65 = D+, 60 = D, 57 = D-. 

There will be no additional curve applied to final course grades. There are no opportunities for extra credit. The requirements for a grade of Credit are the same as for a grade of C.  IMPORTANT:  It is the responsibility of each student to make sure that he or she is registered for the course according to the registration deadlines. Policy on Credit/No-Credit grading: https://web.sonoma.edu/uaffairs/policies/creditpolicy.htm

 

Midterm Exam (25% of course grade)

 

A Midterm Exam will be given during the semester (Wednesday, October 6th, 2021). This exam will include topics in Chapter 1 to Chapter 7. If you miss the Midterm Exam for other than a documented (e.g., doctor’s/health care note, police/accident report, court summons, etc.) emergency, there is no accommodation allowed. The Midterm Exam date is listed on the Tentative Class Schedule.

I expect that you will justify your answers on scratch paper. You need to include your set-up or explanation for each question (including calculation work, graphs, etc. whenever needed).

The scratch paper should be presented as follows:

• The first page of your scratch paper work must be clearly labeled at the top right-hand corner with your name, the date, and the course number (i.e., ECON 205). The title line must be clearly labeled (i.e., Midterm Exam)
• Problems must be clearly numbered, and laid out in an organized fashion. Do not be afraid to leave some space in between answers for ease of reading!
• Answers on scratch paper work should be easy to recognize.
• Work of each question must be legible. Sloppy, illegible, or missing work will result in a deduction of points (50%)
• Some problems may not require calculation work to be displayed. In such a situation, you must supply a sentence answer that includes the essential problem statement information and the reason why you have chosen the answer.

IMPORTANT: Answers received without or insufficient set-up will only earn 50% of the points possible. Experience has shown that students who follow these guidelines closely tend to earn better grades. Pay attention to detail.

 

Final Exam (25% of course grade)

 

The final exam is tentatively scheduled for Monday, December 6th, 2021 from 10:00 am to 11:50 am. Do not show up late for the exam, as I will not allow you to sit for the exam.  You may use scratch paper and calculator, but that is all.

I expect that you will justify your answers on scratch paper. You need to include your set-up or explanation for each question (including calculation work, graphs, etc. whenever needed).

The scratch paper should be presented as follows:

• The first page of your scratch paper work must be clearly labeled at the top right-hand corner with your name, the date, and the course number (i.e., ECON 205). The title line must be clearly labeled (i.e., Final Exam)
• Problems must be clearly numbered, and laid out in an organized fashion. Do not be afraid to leave some space in between answers for ease of reading!
• Answers on scratch paper work should be easy to recognize.
• Work of each question must be legible. Sloppy, illegible, or missing work will result in a deduction of points (50%)
• Some problems may not require calculation work to be displayed. In such a situation, you must supply a sentence answer that includes the essential problem statement information and the reason why you have        chosen the answer.

IMPORTANT: Answers received without or insufficient set-up will only earn 50% of the points possible. Experience has shown that students who follow these guidelines closely tend to earn better grades. Pay attention to detail.

 

Online Reading assignments (12.5% of course grade)

 

Weekly reading assignments from the textbook will be given through the Connect Economics software program. These readings are complements, not substitutes, to what we do in class. In order to encourage you to read the chapters before we cover them in class, I will require you to do the assignments for each class.

Each on-line reading assignment must be completed by the class meeting on the date when it is due. Assignments will not be accepted late – unless you’ve arranged otherwise with me personally.

 

Online Homework Assignments (18% of course grade)

 

The online homework assignments are assigned by chapter using Connect Economics software program, and each assignment consists of a selection of multiple choice questions from the corresponding chapter. Students should read the corresponding chapter before starting to work on the homework assignment.

Each online homework assignment must be completed by Sunday on the week when it is due (11:59 pm), unless otherwise specified. The system will not allow for homework assignments to be submitted late.

The online homework assignment due dates and times can be found on the class schedule.

 

Class Research Project (8.5% of course grade)

 

The course will include presentations by the students on current economic events related to some of the topics of the course. The goal of theses presentations is for the students (in groups) to analyze and apply course matters. I will assign the presentations after the Midterm Exam. The presentation date and time will be indicated on Canvas.

 

Quizzes and Discussions (6% of course grade)

 

Weekly quizzes or discussions will be scheduled after reviewing the corresponding chapter. The quizzes will consist of a selection of 10 multiple choice questions from every chapter. Though quizzes will be graded individually, you may work on them in groups. They will start during class, and will remain open two hours after class is done on the day it has been assigned. Students who are not present in class the day will not earn the right to complete a quiz.

These quizzes are designed to test your knowledge of the content on specific chapters and are meant to prepare you for the exams. 

Discussions assignments will create opportunities for students to build a learning community, which is especially valuable in an online learning environment.

Participation on quizzes and discussions of those students who are not present in class the day of the assignment will not be graded.

 

Attendance and Participation (5% of course grade)

 

Regarding attendance and participation, I highly value students arriving on time and actively participating in lecture and activities. Participation points are assigned each class day. These are based on such things as: Attendance (which includes being on time and not leaving early), taking notes, accepting help, actively working in class.

It is a student’s responsibility to come prepared to class each day, ready to participate and answer/ask questions on the current material. Class attendance is an important part of a student’s university experience. However, there are legitimate reasons for missing class, such as illness, accidents, death of a close family member, jury duty, religious observance or representing the university at officially approved university activities. Students should be cautioned that even though absences may be for legitimate reasons, such absences
can impair performance and result in a lower grade. The SSU faculty has primary authority for setting class attendance policy according to discipline standards. There are class activities that cannot reasonably be made up. When students are absent from classes, it is their responsibility to provide the instructor with due notice and documentation when possible, and to inform the instructor of the reason for absence. Students are also responsible for requesting, in a timely manner, to make up missed assignments and class work if these can be reasonably provided.

LATE:  A student is considered late if they arrive in lecture after I’ve taken roll – which I typically do immediately at the start of lecture. Leaving the lecture early will be also considered late.

Not paying attention (e.g., texting, etc.), and/or not participating with other students during group/classroom activities, will each count as ½ hour of absence and a deduction of participation points per occurrence.

 

Suggestions on How to Succeed in ECON 205:

 

1. Attend class every day. If you have to miss a class, borrow the lecture notes from another student. Remember that if you miss a class, you are responsible for teaching yourself the material you missed.
2. While in class, actively listenand take notes, apply new concepts to practice problems, and ask questions         both of the instructor and fellow students. Class time is your chance to get the help and explanations you        need so you don’t have to struggle to learn the material on your own.
3. Read the textbook scheduled material and do the online homework assignments before we move on to a new topic.
4. Do the study guide assignments and the research project, and start it early, while the material is fresh. That way, if you have questions on the assignments, you can ask me about it at the next class meeting or in my office hours. Feel free to get help – I encourage you to work with fellow students or ask me for individualized help, or from other instructors and/or tutors.

 

Tutors:

 

The Economics Department also operates a small group of Econ tutors. These are basically Econ majors who hold a few office hours each week in order to be available for students in principles courses (or other Econ courses, as possible) with assignments. It is best to go to the tutors with specific questions about assignment difficulties. The Department will announce the tutor schedule and office in the first two weeks of the semester. 

 

Special Needs:

 

If you need disability-related accommodations for this class, such as a note taker, test-taking services, special furniture, etc., please provide the Authorization for Academic Accommodations (AAA letter) from the Disability Resources Department (DRD) to me as soon as possible. You may also speak with me privately during office hours about your accommodations. If you have not received authorization from DRD, it is recommended that you contact them directly.

 

Academic Integrity:

 

Cheating is a personal insult to me and to those who do not cheat.  Academic dishonesty of any form will not be tolerated. It is my policy to seek the most severe punishment available for those caught cheating, which may include a failing course grade and/or expulsion from the university.  You should know the university’s policy (http://www.sonoma.edu/uaffairs/policies/cheating_plagiarism.htm).  DO NOT CHEAT! 

 

Etiquette and Expectations:

 

• I expect you to come to attend the Zoom meeting with the tools you need.
• Students are to act respectfully and pay attention while in class. The best way to learn is throughparticipation,       listening actively, and by being polite even when we disagree with another’s viewpoint.
• Students are expected to join the Zoom meeting on time, and stay the entire lecture period.

 

Other online resources:

 

http://www.bea.gov (Bureau of Economic Analysis)
http://www.bls.gov (Bureau of Labor Statistics)
http://www.treasury.gov (US Department of the Treasury)
http://cbo.gov (Congressional Budget Office)

https://unctad.org/statistics (UNCTADStat)

https://unstats.un.org/home/ (United Nations Statistics Division)

https://www.worldbank.org (The World Bank)

https://ustr.gov (Office of the United States Trade Representatives)

https://www.census.gov/foreign-trade/data/index.html (United States Census Bureau: Foreign Trade)

https://www.wsj.com (The Wall Street Journal)

https://www.washingtonpost.com (The Washington Post)

https://www.nytimes.com (The New York Times)

https://www.brookings.edu (Brookings Institution)

https://www.wilsoncenter.org (Wilson Center)

www.oecd.org [the Organisation for Economic Co-operation and Development (OECD)]

 

PLEASE NOTE:  This syllabus is intended to give you guidance in what may be covered during the semester and will be adhered to as closely as possible. However, I reserve the right to modify, supplement, and make changes as course needs arise.